Applications will be accepted from 8:00 AM on September 6, 2024 – 5:00 PM on September 30, 2024. The application period will close as soon as either the maximum number of applications (100) is reached or the submission deadline (5:00 PM on September 30, 2024) passes, whichever comes first.
If you have received a WEV Forgivable Loan or a WEV grant through any of our other programs within the past two years, you are not eligible to apply for this program at this time.
Obtain business capital and work with a WEV Business Consultant
WEV’s Forgivable Business Loan and Consulting Program provides a $10,000 Forgivable Loan paired with a minimum of 10 hours of customized business consulting. Available to certain businesses and nonprofit organizations located and/or headquartered in Ventura County (see Eligibility description).
21 awards are available for this cohort and applications are reviewed based on eligibility, quality and clarity of the application.
WEV will accept up to 100 applications and all applications must be submitted before 5:00 PM on September 30, 2024. The application period will close as soon as either the maximum number of applications (100) is reached or the submission deadline (5:00 PM on September 30, 2024) passes, whichever comes first. We encourage all interested applicants to submit their completed applications as early as possible to ensure consideration.
Selected businesses receive:
- Personalized business learning track with 10+ hours of training and technical assistance designed by WEV to enhance their financial and business management skills and increase the probability of their business’ survival and profitability
- Loan of $10,000, which will convert to a grant upon borrower’s completion of 10 hours of training and technical assistance
For borrowers who do not complete 10 or more hours of training and technical assistance, funds remain as a loan with:
- Term up to 60 months
- 6.5% interest rate
- Interest-only payments for the first 6 payment cycles
Eligibility
Eligible Business applicants must:
- Be located within the County of Ventura with a current business license from the city in which they operate,
- Have been in existence at least twelve months and have filed their 2023 tax return,
- Have earned between $25,000 and $500,000 in gross income (verified with 2023 taxes),
- Be a business good standing (documents properly filed and current),
- AND identify as at least one of the following:
- Businesses at least 51% owned by an individual or individuals who identify as Hispanic or Latino/x, American Indian or Alaska Native, Asian, Black, Native Hawaiian or other Pacific Islander, Indigenous, or Person of Color.
- Businesses at least 51% owned by Women.
- Businesses at least 51% owned by Veterans.
Eligible Nonprofit applicants must:
- Be headquartered in the County of Ventura,
- Have total revenue of $500,000 or less, as verified by prior-year 990 or 990-N and current-year budget,
- Have 501c3 Designation,
- Have EIN,
- Show proof of current 990 or 990-N Form filed with IRS, and
- Be a nonprofit in good standing (documents properly filed and current).
Applicants are only eligible for one Forgivable Business Loan and Consulting opportunity regardless of how many businesses they own. Additionally, organizations or applicants that meet any of the ineligibility criteria listed on the “Forgivable Business Loan and Consulting Program Eligibility” FAQ here are not eligible to apply.
Application Checklist
All documents must be submitted online or mailed/delivered to a WEV office during the application period. Incomplete applications will not be accepted.
- Completed application
- Current business license
- Current business bank statement (reflecting no derogatory activity)
- Prior year business tax return or 990 for nonprofits
- Verification of business address (lease, utility bill, other document deemed satisfactory by WEV)
- Current valid identification
